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CDFA Revolving Loan Fund Finance Update - March 9, 2021

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Revolving Loan Funds Update
March 9, 2021
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Revolving Loan Fund Finance Update

Features

CDFA to Host Webinar on Federal Capital Access Tools for Preserving Small Businesses
COVID-19 has left many small businesses struggling to identify and obtain capital to retain employees and pay bills. Many have been forced to lay off workers or close altogether. During the March 9 installment of the CDFA Federal Financing Webinar Series, experts from the SBA, EDA, and USDA will provide an analysis of its small business support programs and discuss strategies for distributing capital to small businesses in disadvantaged areas.

New Mexico Sens. Heinrich, Luján, and Leger Fernández Announce $2.24M in CARES Assistance
U.S. Sens. Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) and U.S. Rep. Teresa Leger Fernández (D-N.M.) are announcing $2.24 million in CARES Act Recovery Assistance grants that will be dispersed to northwest New Mexico. Of this, $990,000 will be used to capitalize a Revolving Loan Fund (RLF) to address the economic development needs of small businesses and entrepreneurs adversely affected by the pandemic in Cibola, McKinley, and San Juan counties.

How the Utah Legislature is Planning to Spend Another $915M in Upcoming Budget
Education, rural infrastructure, transportation, affordable housing, and homelessness were among the big winners in Utah's budget this year. The upcoming budget includes $115 million to create revolving loan funds to help cities and counties fund project areas, with $75 million set aside for Utah Inland Port Authority project areas and $40 million mostly for loans for rural broadband infrastructure.

CDFA to Host National SSBCI 2.0 Call - Thursday, March 11 at 3:00 pm ET
In anticipation of SSBCI being signed into law, CDFA will be hosting a National SSBCI Call with interested stakeholders to discuss SSBCI 2.0. During the call, we will discuss key SSBCI 2.0 questions and timelines. We will also discuss CDFA's plans for SSBCI education and future engagement. Several states have agreed to speak concerning their efforts to re-launch SSBCI programming. This call is open to anyone interested in learning about SSBCI 2.0.

Madison, WI Urban League Launches Loan Fund for Minority-Owned Businesses
The Urban League of Greater Madison is leading the effort to build an incubator for minority-owned businesses, which will also involve creating a revolving loan program to provide funding to businesses that plan to use the hub. The fund will begin with $250,000 in seed money from American Family Insurance Institute for Corporate and Social Impact, and the Urban League aims to grow the fund to at least $1 million by June 30.

New Affordable Housing Community in Arlington, VA Welcomes Residents
A leading developer of affordable housing in the Washington-Baltimore metro region has completed a $100 million development with 265 apartments for low- and moderate-income residents. The project's financing includes up to $20.9 million in revolving loan funds from Arlington County's Affordable Housing Investment Fund. The redevelopment also won $2.5 million in 9% Low-Income Housing Tax Credits (LIHTC) and approximately $1 million in 4% LIHTC tax credits.

Missouri Dept. of Natural Resources Awards $15M to Springfield for Wastewater Upgrades
The Missouri Department of Natural Resources awarded a $15 million low-interest loan to the city of Springfield through the Clean Water State Revolving Fund. Funding will cover the total cost of improvements to the city's wastewater collection system, including public sewer rehabilitation and inflow and infiltration reduction. These changes are expected to reduce sewer overflows and save the city's ratepayers an estimated $2.9 million in interest over its 20-year term.

Toledo-Lucas County Port Authority Receives $2.4M in CARES Funding
The EDA announced last week the award of a $2.4 million CARES Act Recovery Assistance Grant to the Toledo-Lucas County Port Authority to create a Revolving Loan Fund for businesses in Northwest Ohio. The EDA grant will be matched with $600,000 in local investment in establishing a $3 million loan fund.

Upcoming Events
CDFA Federal Financing Webinar Series: Expanding Capital Access to Preserve Small Businesses

CDFA Rural Development Finance Webinar Series: Financing Disaster Resiliency in Rural Communities
Tuesday, March 23, 2021 - 2:00 PM - 3:00 PM Eastern
During the first installment of the CDFA Rural Development Finance Webinar Series, hear about a new technical assistance program from CDFA designed to support rural communities that have recently experienced a natural disaster. Experts will discuss the variety of financing tools available from federal, state, and local sources to encourage investment in resilient infrastructure.

CDFA Food Systems Finance Webinar Series: Financing Food-Centered Redevelopment
Tuesday, April 13, 2021 - 2:00 PM - 3:30 PM Eastern
Food is a critical component of local economies. How food-related businesses and infrastructure – such as local restaurants, farmers markets, kitchen incubators, aggregation facilities – among others are incorporated into community development plans and large projects can significantly impact the entire community and beyond. During this installment of the CDFA Food Systems Finance Webinar Series, we will explore how investing in food-centered redevelopment can restore local food systems infrastructure, catalyze additional neighborhood development, and protect healthy, sustainable communities.

Headlines

North Carolina Nonprofits Affected by Tropical Storm Eta Eligible for SBA Loans
WXII 12 | Mar. 8 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA)

How New York Is Allocating Its $100B in Relief Funding
WKTV | Mar. 8 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

Black Farmers May Finally Get the Help They Deserve
The New York Times | Mar. 4 | Agriculture Finance | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | COVID-19

Microloans Help Minnesota Small Town Businesses Stay Open
The Free Press | Mar. 4 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | Rural Development | COVID-19

What Small Businesses Need to Know About 2021 COVID-19 Relief Packages
Bloomberg Tax | Mar. 3 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Millcreek Township, PA Expands Small Business Relief Loan Program
Go Erie | Feb. 28 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Sen. Tester: Successful Small Business Relief Program Must Be Included in Upcoming COVID Package
U.S. Senator Jon Tester | Feb. 26 | Access to Capital | Disaster Recovery & Relief | Legislative | Revolving Loan Funds (RLFs) | COVID-19

Kansas Law Creates Tax Exemption for Interest Income on Ag Real Estate Loans
ABA Banking Journal | Feb. 26 | Agriculture Finance | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Tax Credits

Loan Approved for Cold Storage Expansion in Vineland, NJ
Vineyard Daily Journal | Feb. 26 | Food Systems Finance | Revolving Loan Funds (RLFs)

Hampton and Newport News, VA Work Together to Funnel $1.5M in CARES Act Funding to Local Businesses
Daily Press | Feb. 25 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

How Biden's New PPP Guidelines Could Help Small Restaurants Qualify for More Aid
Eater New York | Feb. 23 | Access to Capital | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

JPMorgan and Google Launch Program to Help Minority-Owned Banks
CNN | Feb. 23 | Access to Capital | Community Development | Crowdfunding | Revolving Loan Funds (RLFs) | Social Finance | Tax Credits

Biden-Harris Administration Announces Changes to PPP to Further Promote Equitable Access to Relief
The White House | Feb. 22 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | COVID-19

USDA Rural Development Announces $17.6M for Solar Projects in Rural Maine
U.S. Department of Agriculture | Feb. 17 | Access to Capital | Energy Finance | Revolving Loan Funds (RLFs) | Rural Development | U.S. Dept. of Agriculture (USDA) | Loan Guarantees

San Juan Regional Medical Center Gets CARES Act Funding to Expand Telehealth Services in New Mexico
Farmington Daily Times | Feb. 15 | Disaster Recovery & Relief | Healthcare | Revolving Loan Funds (RLFs) | COVID-19

New Pandemic Aid Targeted for Hospitality Businesses in Indiana County, PA
Indiana Gazette | Feb. 13 | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | COVID-19

Four Virginia Community Banks Launch "Banking on Diversity" Minority Business Fund
PW Perspective | Feb. 11 | Access to Capital | Revolving Loan Funds (RLFs) | Social Finance

Kokomo, IN City Council Approves $24.5M for CSO Mitigation Project
Kokomo Tribune | Feb. 11 | Bond Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | State Revolving Fund


New Additions to the Online Resource Database

CDFA Federal Financing Webinar Series: Restoring Local Economies with Federal Partners
Community Development | Disaster Recovery & Relief | Infrastructure Finance | Resiliency | Urban Development | Webcasts | Access to Capital | Bond Finance | Housing Finance | Revolving Loan Funds (RLFs) | Rural Development
The first installment of the 2021 CDFA Federal Financing Webinar Series covered the various forms of financing programs available to state and local governments through HUD, EDA, and DOT for restoring local economies.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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